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Thread: *** Latest in Steelers Ownership Restructure **

          
   
   
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  1. #121
    SA's #1 Pirates Fan Tetris Champion Black@Gold Forever32's Avatar
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    Quote Originally Posted by DIESELMAN View Post
    Who says Drunkenmiller would've made a good owner? because he's got lots of money would make him a good owner? So that would mean Snyder is a good owner right? I'm glad the Rooney name is still the ownership of the Steelers. This is big business, it would have been easy to sell out but they didn't. As far as the big debt.....partners will be brought in with of course a buy in, which will alleviate a lot of the debt. IMHO.....
    Nobody is saying Drunkenmiller would have been a good owner...I'm just worried about the team being competitive.....I don't care who owns the damn as long as the team can compete for the play-offs almost very year......What if the salary cap goes away for good which could happen then there is noway the Rooney's could compete for even mid level free agents......There is even talk if the cap does go away this could lead to the NFL draft process being eliminated and as we all know the Steelers rely on the draft mostly......I don't think either of those things will happen but who knows.....The old guard of NFL owners is being wiped due to the NFL changing with the times...Its sad but its the reality of the NFL......That was my point of having an owner like Stanley Drunkenmiller....

  2. #122
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    No way the cap goes away for good. The majority of the owners won't let that happen, only a handful of owners would want that, but its not going to happen. Whether a new owner has money or not, they better be good and make sound decisions. Good ownership and being competitive go hand in hand. The Steelers staying in the family is a good thing, it will all work out for the Steelers in a good way.


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  3. #123
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    Link to story

    NFL advises owners to OK Rooney deal
    Tuesday, December 16, 2008
    By Ed Bouchette, Pittsburgh Post-Gazette

    The NFL's finance committee yesterday recommended the league's owners consider the Steelers restructured ownership as presented to it at the winter meeting, which takes place tomorrow in Dallas.

    The finance committee "thoroughly reviewed the proposed transaction [yesterday] and it is on the league meeting agenda for consideration by the clubs on Wednesday," according to a league statement.

    For the restructuring to pass, owners must approve by a three-fourths vote, or 24 of the 32 clubs.

    Dan Rooney and his son Art II have obtained financing from PNC Bank and compiled a group of investors to purchase some or all of the shares of Dan's four brothers. Brothers Tim and Pat Rooney will sell their 16 percent shares each to the new investment group while brothers Art and John Rooney will sell a little more than half of their 16 percent shares each, remaining part owners of the club.

    Dan Rooney, who also owns 16 percent of the team, needs to own at least 30 percent with his son Art II in order to be in compliance with NFL rules regarding controlling interest of a franchise. A small portion of the 20 percent that Pittsburgh's McGinley family owns also was to be sold to the new group of investors, none of whose names have yet become public.

    The nine-member finance committee is chaired by New Orleans Saints owner Tom Benson.
    Good sign it will be a done deal before the end of the year. Nothing should hold it up now.

  4. #124
    BlitzburghRockCity's Avatar
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    Finally we can put this whole thing behind us.

  5. #125
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    Done deal

    link to story

    NFL owners approve restructured plan for Steelers ownership
    Associated Press


    IRVING, Texas -- NFL owners approved a restructured ownership plan for the Pittsburgh Steelers on Wednesday that will keep the team under the control of chairman Dan Rooney and his son.

    Under the plan approved by a 31-0 vote during a meeting of the owners, Rooney and his son, team president Art II, will own 30 percent of the team, meeting a league requirement on the equity on controlling ownership.

    "I felt that our father started this team in 1933 and it's done well, it's been a big part of Pittsburgh," Dan Rooney said. "And that's the way it should stay, under our direction."
    Rooney and his four brothers each acquired equal 16 percent shares in the team when Steelers founder Art Rooney Sr., their father, died in 1988. The Jack McGinley family owns the other 20 percent of the franchise.

    The restructuring was mandated by the NFL to bring the Steelers into compliance of the 30 percent benchmark. Another league rule bars team owners from being involved in gambling, so two of the Rooney brothers who operate race tracks that feature slot-machine and casino gambling, Pat and Tim, are selling their 16 percent shares as part of the plan.

    "It's a very complex issue dealing with significant financial issues and complexities in estate planning," commissioner Roger Goodell said. "I'm pleased for all of the Rooney family that it's resolved in a positive way for them."

    Two other brothers, Art Jr. and John, are selling a portion of their shares, and the McKinley family is also expected to sell some of its stake in the team.

    Goodell said discussions about the restructuring of the Steelers' ownership to get into league compliance had been ongoing for about three years.

    "The initiative frankly was that they had changed their business operations, and the gambling operations had gone more into gambling," Goodell said. "It was of greater concern to us than the original horse racing and dog racing. That initiated some discussions, and it really just had to get resolved for the club."

    Dan Rooney and his son will not be buying all those shares being sold, and do not need them all to own 30 percent interest in the team. What wasn't immediately clear was how the sale would break down between Dan Rooney, his son and other investors.

    The NFL approved three new partners for the Steelers during the meeting: James Haslman III of Knoxville, Tenn., Thomas Tull of Los Angeles, and the Paul family based in Pittsburgh and Los Angeles.

    The agreement among the Rooney family calls for the deal to be closed by March 31.

    "We have a few more investors in the pipeline but we're happy that the transaction was approved by the owners. Now we have to go into finalizing some of the details," Art Rooney II said. "This was a big step and I'm glad we got this far to get to a closing and finalizing everything."

    The NFL finance committee reviewed the Steelers' restructuring plan Monday before putting it on the agenda for the owners to consider.

    While Dan Rooney and his son are expected to take on about $250 million in debt, Art Rooney II said there are no plans to make dramatic changes in the way the team is operated despite the difficult economic climate.

    "We wouldn't have done it if we didn't think that we were going to be able to handle it," Art Rooney II said. "We plan to operate along the same operating guidelines that we have historically."

    Stanley Druckenmiller, chairman of a Pittsburgh-based investment firm, earlier this year made an offer to buy a majority stake of the team. But the billionaire withdrew his offer in September.

    "I have no ill will for Stanley Druckenmiller. He's a great Steelers fan and I hope he remains one," Dan Rooney said. "It was a lot of work and everybody put forth the effort. ... It wasn't a slam dunk strictly for the Rooneys. This was something the league felt was good for them."

    Dan Rooney said his brothers saw the benefits of the restructuring plan that is now in place, and that the relationships between them are good.

    "We all still talk to each other, and only fight as we always did," Dan Rooney said. "Everything is fine."


    Yeah baby.

  6. #126
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    Under the proposed transaction, Dan and Art II will own a 30 percent interest to meet the league requirement on the equity interest of controlling ownership. The plan approved today provided for transfer of the shares of Dan Rooney's brothers, including the divestiture of gaming interests by all owners of the Steelers consistent with league policy.

    Three new partners were also approved at today’s meeting: James Haslam III of Knoxville, Tenn., Thomas Tull of Los Angeles, and the Paul family, based in Pittsburgh and Los Angeles (bios of each partner attached).

    The agreement among the Rooney family calls for a closing to take place before March 31, 2009.

    Steelers Chairman Dan Rooney stated, “We are obviously very pleased to be keeping the Steelers’ ownership within the Rooney family and are appreciative of our fellow NFL owners’ support. Today’s vote ensures that the Rooney family will be associated with the Pittsburgh Steelers and the NFL for a very long time.”

    Steelers President Art Rooney II stated, “We are looking forward to completing the remaining details of this transaction in early 2009. We are grateful that we will be able to make the ownership transition stay within the family with the help of three new partners – Thomas Tull, James Haslam III and the Paul family.”

    Thomas Tull

    38 years old; based in Los Angeles

    Chairman/CEO of film production company, Legendary Pictures; joined with Warner Bros. to co-produce and co-finance films such as “The Dark Knight”, “300”, “Batman Begins”, “We Are Marshall”, “Superman Returns” and the upcoming “Watchmen”.

    Member of Board of Trustees of the American Film Institute (AFI).

    Board member of the San Diego Zoo and serves on the Foundation Board of the Zoological Society of San Diego.

    James Haslam III

    54 years old; based in Knoxville, Tennessee

    President of Pilot Travel Centers, the nation’s largest retail operator of travel centers and truckstops.
    Pilot is headquartered in Knoxville, Tennessee, and has 13,000 employees across the country.

    Pilot operates more than 300 retail facilities in 41 states featuring nationally recognized fast food restaurants such as Subway, Wendy’s, Arby’s, Taco Bell, Denny’s and McDonald’s.

    Pilot also owns and operates 40 convenience stores in the Knoxville, Tennessee area.

    Paul Family

    Family members include Donna and Robert Paul, and their children, Larry Paul (44), Stephen Paul (41) and Karen Zimmer (39).

    Operations based in Pittsburgh and Los Angeles.

    Family has had substantial involvement in many businesses including Ampco-Pittsburgh (NYSE-listed metal fabricator located in Pittsburgh), TV and radio stations, cable and cellular phone operations, banking, snow and ice removal equipment (Meyer Products and Swensen Spreaders), restaurants (Morton’s Restaurant Group), fitness facilities (Urban Active Fitness) and real estate development.

    Family members sit on numerous not-for-profit boards, including Cornell University, University of Pittsburgh, UPMC (western PA medical system), Harvard Medical School, the American Red Cross and The Loomis Chaffee School.

    Member on Board of Pittsburgh Branch of Federal Reserve Bank of Cleveland.
    These 3 partners sound like they have their shiat together.

    Just happy the Steelers are staying in the Rooney family.
    Last edited by DIESELMAN; 12-18-2008 at 04:12 AM.


    If you don’t stand behind our troops.....Please feel free to stand in front of them!!!


    "Give me a 6 pack, half hour of rest and lets go play them again....We can beat them."
    --Jack Lambert

    "They say that when you're the champs, everybody will try to beat you. Well, I'm glad we're the champs, so bring 'em on, bring 'em all on. If we die, we ain't gonna die running. It's gonna be a fight."
    --Joe Greene

  7. #127
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    Hey Blitzburgh, you oughta email Haslam to see if trucks with Steelers emblems on them can get a decent discount at Pilot stations.....

  8. #128
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    Rooneys earn NFL owners' blessing, 31-0


    I pledge allegiance to the flag of the united steeler nation.
    And to the franchise for which it stands. One nation of domination
    With the ability to crush you all.


  9. #129
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    PITTSBURGH -- Steelers Hall of Fame wide receiver John Stallworth is among three new partners added to Pittsburgh chairman Dan Rooney's ownership group, one that may expand further before it is finalized in several months. Rooney and son Art Rooney II, the Steelers' president, have added six partners to help them acquire all or part the shares held by Dan Rooney's four brothers. The three new partners were approved Monday by NFL owners.
    The restructuring agreement was finalized several months before the Steelers won their record sixth Super Bowl last month and was required to meet NFL rules that a primary owner have at least a 30 percent stake in a team.


    If you don’t stand behind our troops.....Please feel free to stand in front of them!!!


    "Give me a 6 pack, half hour of rest and lets go play them again....We can beat them."
    --Jack Lambert

    "They say that when you're the champs, everybody will try to beat you. Well, I'm glad we're the champs, so bring 'em on, bring 'em all on. If we die, we ain't gonna die running. It's gonna be a fight."
    --Joe Greene

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